Loans

If you have insufficient credit strength for a lending institution to accept a loan you'll need a co-signer.

The person must refinance the loan in their own name without you. It isthe only way. The lender made the loan based on the fact that you agreed to be responsible for the debt if the other person doesn;t keep their end ofthe bargain. That was the way the loan was underwritten and the way the risk was evaluated. Taking you off changes the risk level of the loan and it must be re-underwritten according to current guidelines.

The person must refinance the loan in their own name without you. It is the only way. The lender made the loan based on the fact that you agreed to be responsible for the debt if the other person doesn;t keep their end ofthe bargain. That was the way the loan was underwritten and the way the risk was evaluated. Taking you off changes the risk level of the loan and it must be re-underwritten according to current guidelines.

Until recently a person with fairly good credit could obtain what is called a "no doc" loan with no money down. WIth this kind of loan, they would verify your credit, mortgage history, and reserves (money in the bank) and that would be suffucient. The rate would be higher than a "conforming" loan, but it would accomplish what you are after. Over the last few months the mortgage market for such low and no documentation loans has collapsed due to excessive foreclosures. So these loans are very hard to come by. Many lenders who did these loans before have simply closed. Others have changed their guidelines to eliminate such products. Very few are remaining and those that are can be very picky. Also, some states now make the broker or lender liable for defaults if they cannot prove that you earn enough to make the payments and you lose your house. At the moment, the best way to accomplish what you are after is to contact a mortgage broker in the area that you are planning to move to and explain your situation. Fill out a loan app and do what you can. Moving to a new state and starting a new self-employed job adds multiple layers of risk which is not very popular at the moment so expect to prove a considerable amount of reserves - at least 6 months mortgage payments in the bank and possibly more. Also expect to have clean credit for this kind of loan, a previous mortgage history - this loan is not for first time home buyers anymore. If you have even slightly rough, thin, or young credit, expect to have more difficulty. Exceptions may be made with more money down but in general, you need spotless credit for this kind of loan since the only thing holding up the loan file IS the credsit history - no employemnt, income or even residence history is available. Finally, expect to put at least 5% and as much as 15% down depending on the state and other factors. The no money down option for this kind of loan is pretty much gone from the market. As I said, due to the volatility in the non-prime mortgage market at the moment, these loans are VERY difficult to come by. Be prepared for a rough ride. Obtain the services of a local experienced broker - someone who has been in the business for at least 5 years and preferably 10 or more. This person will be very familiar with the current market and be able to find a lender if there are any left that can do these kinds of loans.

yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.

Yes. You can get a home loan with credit scores all the way down to about 500. But the amount you will qualify for and other conditions will vary according to your situation. Until a couple months ago, a person with a 593 middle score would qualify for a home loan with no money down as long as they could fully document their income with pay stubs and W2s, had a solid work history for 2 yrs, and maybe prove they had paid rent consistently for 12 months. This is no longer the case. The mortgage market for these kinds of loans has changed dramatically over the last 3-6 months and now a 593 middle score will at LEAST have to put 5% down to buy a home and if current trends continue, 10% down will soon be required. A cashout refinance may be maxed out at about 90%. This all assumes that you don;t have major collections, liens, judgements, etc and a stable solid job history with a debt ratio below about 45%. Also expect to have to show where the down payment came from and have it in the bank 30-60 days before closing as well. This is the current trend in the market since the major reason for the current subprime market collapse is due to defaults on high LTV (low down payment) loans by 580-620 credit score borrowers. Many lenders are dropping no money down programs altogether or raising the scores to 620 or more. There are a few lenders left doing them at 600 but they are declining. If you cannot document your income, expect to have an even higher required down payment with these scores. Probably the most you will get is 85% LTV (needing 15% down payment) and that is a stretch. If you are a 593 middle score borrower, you either need to move quickly to buy a home, or expect to wait a couple years until the market recovers and realizes that they over-reacted. It will correct itself but it takes time. Until then then work to improve your score. In about a year I expect 100% to be available again regularly to 600 borrowers and 95% to 580-600. I expect them to require at least 2 omnths reserves sourced and seasoned though. One other option you may look at is FHA. You'll only need 3% down.But they won;t let you have open collections or judgements. Best advice - find a top quality mortgage broker in your area - someone with FHA approval who can review your entire file and discuss options with you.

Suppose you buy a car with a loan. Suppose I really like your car, but you are getting tired of it. An assumable loan means I can take over the payments from you and the car and the loan goes into my name. Phil You can also assume a mortgage on a home when you buy it. Or you can sell your home through an assumption. It is only possible for certain mortgages - mostly Government backed loans such as FHA or VA but it is somthing that is becoming more and more popular in this constantly changing real estate market. To search homes for sale with assumable mortgages or to list your home for sale go to www.havemyhouse.com

Ohio follows federal garnishment guidelines which allow a maximum of 25% of the garnishee's disposable income to be seized, with the first $154.50 weekly based income being exempted. Child support, alimony, disability benefits, public assistance, and all Social Security benefits are 100% exempt from garnishment by a judgment creditor. The judgment creditor must serve (or make a reasonable attempt to deliver) a 15 day notice to the named garnishee before the action can commence. Other personal and real property that can be exempted from judgment creditor attachment are outlined in Ohio BK exemption statutes. Please note, it is the responsibility of the judgment debtor to claim the allowed exemptions.

When you own a home, you gradually build equity over the years through two paths. One is through appreciation of the property where the actual value of the home increases. The other is through a declining balance on the home as you pay the loan off that you bought it with. The theory behind reverse mortgages is that when you are on your older years - ie 65+, you probably have paid off your house or come very close to it. If for example you owned a home that is now worth $200,000 and you only owe $30,000 on it, you have $170,000 in equity. You also are still making payments for the $30,000 balance. As you get older you may no longer be able to earn enough money to pay that mortgage payment. In the past, one way to get out ahead would be to sell that house and put that $170,000 in the bank. You could draw interest on it, and live off the money for some time. Once it runs out though, it's gone. And also, you have to still pay for a place to live. Several years ago HUD developed a neat little thing called a reverse mortgage. The way it works is that they will make you a loan based on a percentage of the value, for example, say 80%. In the case above this means that you could take out a loan for $160,000 of the $200,000 house. Then the old mortgage of $30,000 is paid off leaving you with $130,000. And you NEVER HAVE TO MAKE A PAYMENT ON THE HOUSE AGAIN! You can take that money as a lump sum, or in regular monthly payments. YOu stay in the house until you die without ever having to pay back that money. Sounds too good to be true, huh? Well, it's not. HUD makes their money back, and then some. Once the loan is made, the balance still grows with interest. When you die, the house is deeded to HUD who then sells the house. They are assuming that no matter what, the house will be worth more in the future than it is now. So when it salls there should be enough money to cover the "loan", AND interest. At that point, once the loan is paid off and the interest is paid ff through the sale of the house, anything remaining then goes to your heirs. DOWNSIDES: If you were planning on leaving a house to an heir, they will have to BUY the house from HUD instead of it landing in the estate. They will basically have to take out a new mortgage to cover the principal owed plus interest. This is how most regular home mortgages work anyways.

If you have equity in your home you can refinance at anytime....

Make sure your current home loan does not have a prepayment penalty.

Next you would need to consult a mortgage lender:

http://www.fixed-mortgagerate.com/mortgage_loan

No. The Will goes into Probate and all monies and properties, etc., are called the Estate. All creditors are paid off and what is left in the Estate is called "residue" which will go to the Heirs.

The lending institution wants to know who will be responsible for paying the loan. If your husband was the person with the most income, the loan may have been granted based on his income and stability. The lending institution will want to re-evaluate the loan before re-writing it. They may want to have you in a higher risk category when writing the loan, or they may refuse to write it at all. You may be required to go to a different lender if the current lender does not feel that they are comfortable with the risk level.

Absolutely - I'm not certain that any company would be prohibited from making investments. Insurance companies are commonly considered a very major sources of funds and do a lot of investment business. Kind of goes hand in hand with having lots of money. It is not uncommon fo one to essentially lose money on insurance operations, but make so much using the cash or reserves they need to maintain that their investment operations make up for it.

you should probably go with a home equity loan. If you shop around you can get it done with no closing cost. there are two kinds of equity loans. Home equity loan are adjustable rate and kind increase over the years and there are fixed seconds where your lock in for the life of the loan.

A policy loan is a loan against your cash value that you would have to pay back and they charge you an interest on the money you took out. The partial surrender is taking some of your cash value but it in effect will lower the death benefit. Careful!!

You can refinance as soon as you would like to. Let's assume you are trying to refinance to lower your monthly payment. The variables you want to understand are 1) what is your current rate and payment?, 2) what would be the future rate and payment?, 3) what are the closing costs associated with the loan? and 4) how long will you plan on living there? Essentially, you are looking at a return on investment. The investment is the closing cost of the loan (points, fees, title search, etc.). The return on that investment will come to you in monthly installments in the form of a lower mortgage. What you want to do is understand what the reduction in your monthly payment will be. Then, get an understanding of your total closing costs. Divide your total closing costs by the net reduction in your monthly payment and this will tell you how many months it will take to breakeven on your refinance investment. Keep in mind, the above scenario is comparing "like kind" loans (30 yr. fixed vs. 30 yr. fixed).

any time you want, there is no limit, all you have to do is be willing to pay the closing costs, although it is best to wait atleast 2 years. Jamison.

no, no payday lenders can prosecute you for bad checks, they knew that you did not have the funds available when you got the loan, because it is a postdated check, I just ate up a bunch of these sharks in bankruptcy cour when they got discharged, and ther was nothing that they could do about it

Short term loans are good for non-regular expenses that come up.

Long term loans are good for equipment and other depreciable assets.

Yes, generally if you file a Chapter 13 bankruptcy before the foreclosure sale, you can stop the foreclosure sale and get the mortgage put in current status again. I have filed cases within minutes of foreclosure sales and stopped them (though I don't recommend waiting that late in case something goes wrong, because then you might lose your home). Very generally speaking, after filing the Chapter 13 all foreclosure sales are immediately stopped by order of the Bankruptcy Court, called the "automatic stay" (which generally you want to be sure the court granting the foreclosure knows about so they don't sell it) and then the person who filed the Chapter 13 immediately begins making regular monthly mortgage payments again and also pays a Chapter 13 Plan to the court, and in the plan all mortgage arrearage must be cured over 3 to 5 years. However, if you have filed other Chapter 13's in the recent past, your ability to get the automatic stay may be in jeopardy, so ask your attorney about this if you have filed bankruptcy before. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

It should not affect your chances at all unless the payments are delinquent and end up affecting your credit score. Your credit score is the first the lenders look at when decided what type of loan you qualify for.

It is better to use a mortgage broker when purchasing a home. Banks do not require that their loan officers become licenced, they can be tellers one day and loan officers the next. It is like going to a super store when using a mortgage broker, they have so many different options to give you that you will be sure to find one that is the right fit for what you are looking for in a loan. But, when you use a bank you are limited to what that bank can offer as far as loan options, and they tend to give you a higher interest rate, because they don't have a lot of options.